There is no Canada, only Zuul

Perspective is everything. When a Canadian citizen looks up at their government, they see a democratic institution being stolen from them through deceptive practices. When an international corporation looks down at a government, they see a tool for the implementation of policy. To understand the multi-faceted implementation of policy and issues of debate you must view from the appropriate angle.

Democracy, lately, is always on the defensive. It's bill after bill after bill that no one really wants. Even C32 drew the ire of conservative supporters. So where are these bills coming from? Further, and perhaps even more importantly, where are the democratically oriented bills? Where are the bills the people want and support? There is always a new bad bill around the corner, the people protest and sometimes even defeat it. Defeating it leaves them exactly where they are, no progress towards any "betterment" made, they just starved off "worse". Of course as that bill gets defeated another is just around the corner. It's an uphill battle, you can't defeat them all, and with every one which isn't defeated democracy slips away more every day. But is this constantly defensive position democracy at all?

Where is the sharing of ideas? We hear all the time about how bills haven't even been read by those voting on them. It's all about money and the party line. It's not the peoples interest being represented but rather the contributors being represented. This isn't always true, some MPs actually try to represent their constituents, but it seems this number shrinks more every day.

Now I'm not picking on the Conservatives here either. International corporations are non-partisan, they'll contribute to free market, socialist, and dictator alike. It doesn't matter. They have no home country, no loyalty to anything or anyone besides money and their shareholders. MPs on all sides may have other vested interests. This is a systemic problem, deeply rooted.

So where is the idea sharing happening? At closed door meetings none of you are invited to. Sure, every once in awhile gay-marriage or abortion will come up again. Citizens have strong opinions on these issues, they can banter back and forth for hours on whether it should be allowed or not allowed. However, do you think those sitting at the top of the multi-national corporations influencing our politics care? These are people responsible for weapon sales, slave wage factories, and the like. In the end the citizens argue about issues that while very important to them personally are inconsequential on the global political scene.

Take for instance Obama's recent supportive public gesture of gay marriage. Wow, got everyone talking, first president to support gay marriage! He's also the first president to sign indefinite detention for any American. You can be gay and married, straight and narrow, whatever. He doesn't care, he'll be indefinitely detaining anyone he sees fit. No discrimination.

I'm not against corporations, or the free market mind you, but I am against the merging of corporation and state. Fascism. But this is even worse than fascism, because the corporations are simply usurping the governments of the world anyway. Multi-nationalism and globalization have replaced the nationalistic tendencies of fascism, to a point. Every country still beats their drum of nationality, but behind closed doors national sovereignty is being sold like a commodity.

Here is what that looks like.

A panel of international arbitrators ruled 2-1, with the Canadian appointee dissenting, that research-spending rules imposed by Newfoundland’s oil regulator in 2004 were “performance requirements” forbidden by NAFTA.
The decision, which was first reported on the New York-based website Investment Arbitration Reporter, has not been publicly released. The results were confirmed by an Exxon source.
The case is a win for oil companies in their tug-of-war over revenues with the government of Newfoundland and Labrador, which reached a high point under combative former premier Danny Williams.
But it also illustrates how Ottawa always ends up with the bill when provinces violate the terms of trade agreements that they didn’t sign. In 2010, the federal government paid out $130-million to AbitibiBowater Inc. after Newfoundland expropriated the company’s timber and water rights. Several other current NAFTA challenges involve provincial policies.

You see, on issues of importance to the global corporate world, you are left out. As a nation we can no longer set the terms of business being done in our country, and each new trade negotiation being done behind closed doors adds new anti-democratic panels which we have no say in to make decisions on our (read: the companies) behalf.

Add to this the control central banks and ratings agencies illicit over a countries ability to borrow money. At the click of an email the cost for us to borrow can go up and it can be in response to pretty well anything.

The democracy we have is a democracy confined within an anti-democratic box. We can make decisions to a point, but beyond that we have no control. Total control sits with the corporations already and they are using this control and power more and more frequently. This may come as a surprise to you based on your current perspective of how our system works. Still need more convincing? Alright.

Take for instance, this post from Common Dreams on the recent Mexican G20:

Everyone in Cabo had been told they had to have identification on them at all times. They were told that the schools would be closed, and the hospitals were only for G20 dignitaries and related personnel. I spoke with one woman who had a pregnant family member in Cabo. They were told that the hospital would not be available, even if she were giving birth. They were lucky: The baby was born last week.

The communities in the region of Cabo work in seafood processing plants and mining operations. They work in the hotels and the restaurants that serve tourists.

If the G20’s policies are bullets, like Calderon said, the people of La Paz have been hit hard. They have felt the wrath of “foreign investment” development strategies in the mega-hotel projects that are surrounded by devastated shanties in which poverty and drug addiction are rampant. The workers who sometimes work 15 hours per day processing seafood eaten by Koreans and Americans, with the profits going to a Korean company, understand “lowering barriers to trade” better than anyone. The fishing and farming communities that are under threat of being poisoned by a foreign-owned cyanide-leaching gold mine may know the pain of “competitive” and “business friendly” environments. They feel these “bullets,” and they know them well.

How can we, so called leaders of the free and democratic world agree to impose that on anyone? Every G20 is the same, anti-democratic lockdown. "This isn't Canada right now", remember? We are being sold out now just as the third world was being sold out in the 1990s. They've plundered everything there is to get there, and now if they want to "maintain growth", they'll be plundering the first world too.

Canadians, I implore you to look beyond Harper and the Conservatives to the bigger picture. Paul Martin praised the G20, Paul Martin put us on this fraudulent banking system. This crosses party lines. We are part of a global empire, whether you want to see it or not. One which is fascist in nature. You don't see the full extent of this fascism because most of it has been done to other countries.

We really need to start being honest with ourselves of our true position in global politics and the true way the world operates. This is not a vast conspiracy, this is just how it is, take a look around. Not all war is conducted with weapons, and Canada, we're under attack.

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Richard Fantin is a self-taught software developer who has mostly throughout his career focused on financial applications and high frequency trading. He currently works for CenturyLink

Nazayh Zanidean is a Project Coordinator for a mid-sized construction contractor in Calgary, Alberta. He enjoys writing as a hobby on topics that include foreign policy, international human rights, security and systemic media bias.

UPDATE-1: $80 / barrel? Prepare yourself for the next Albertan epic fail.

Once upon a time, Alberta was in deficit. Their King at the time, Ralph, decided that this was completely unacceptable and from that moment forward (with the aid of an earlier oil boom and massive government cuts) the deficit would be no more. Ralph accomplished his goal, Albertans rejoiced, and in their deficit cutting glory they declared themselves the master deficit slashers of Canada.

That was then, and this is now. There will be no more oil booms, at least none that last long enough for Alberta to see any lasting growth and as the cheaper to produce conventional oil reserves continue to decline the oil companies operating within Alberta will have less of their own cash to subsidise the expenses of oilsand extraction.

Before the Alberta election occured, I asked a series of questions for the MLAs to address (none actually did address them completely however), but the most important question was the last question.

Finally, on oilsands. Budget expectations on the price of oil expect sustained higher prices, but gas prices are already on the frontpage around the world. In 2008 oil was at $147 / barrel when the mortgage & auto meltdowns occured. Often overlooked are facts such as people ditching their cars in favour of bikes or scooters. Mortgage payments couldn't be paid with such a high price of oil according to Jeff Rubin. Many economists expect a collapse in the price of oil similar to the collapse in price seen in 2008 due to a sudden lapse in demand due to price. What is your plan to balance Alberta's budget if oil isn't more than $80 / barrel?

By now you may be guessing that I didn't simply pull the number $80 out of a hat. You'll remember at the time of the election oil was in an upswing, and predictions were for higher prices, not lower ones. So how did I know? Glad you asked.

The biggest hint for you all should have been the numerous front-page articles in every newspaper known to man complaining about gas prices alongside "expert analysis" that gas prices would have no effect on global growth. If you haven't noticed, the "experts" were wrong, yet again. By now you should realize that "experts" quoted in mainstream media are being quoted not to tell you what is going on, but rather to sway opinion and maintain confidence.

It was obvious then that a collapse in oil price was right around the corner, and what do you know, it was. Of course now that it's actually happening Alberta's budget makes no sense at all, and on top of the oil spill propaganda the Alberta government is going to work extra hard to convince people that putting all of their eggs in the oilsands basket isn't actually costing them money. Of course the oilsands with their 3:1 EROEI ratio, massive subsidies, and huge environmental footprint are costing Canadians money. It's not just about direct subsidies either, take for instance the fact that companies can write off the gas they use to transport the very large equipment up to the oilsands. Or the numerous other "supportive" industries which are not themselves oilsands companies but of which the oilsands could not operate without. Make no mistake, we are paying them.

What about the money we do make? Well, it's all USD, isn't it? So let me ask you, what would you rather have as a long term asset. Oil in the ground? Or devaluing debt-ridden USD in your pocket? Backless paper which is quickly losing favour with emerging world players.

From this point of view we're not only paying them but are also getting nothing in return. The USD we do get must be spent as soon as we get it on tangible assets for the value to be held long-term. You can bet there will be a major shift away from the USD in the next 5 years as the $15 Trillion debt comes home to roost for the Americans and hyper-inflation follows an awful deflation. When this occurs the value stored in the USD Alberta/Canada receives will evaporate. Of course Harper knows this already, and I can only assume that Alison Redford must know as well.

Where will oil go from here?

I anticipate increasingly larger swings as economic stability crumbles. Oil will swing because growth projections will wildly swing. In the near future there will likely be a series of grandiose promises from leaders to string people along (more grandiose than the current) as desperation kicks in. This will pump and dump confidence like no one has seen before as the confused masses try to grasp and hedge for the economic losses and anomalies heading our way.

However, you won't see a price below $70 unless it's accompanied by an economic crash and below $80 will be relatively short term when it happens. With the Iran crisis currently settled and no current major disruptions to the supply chain otherwise I expect these swings to mostly stay between $80 and $100, with $80 triggering another confidence run on growth and $100 slapping it back down.

Update-1

Budget cuts keep coming at $80 oil

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Richard Fantin is a self-taught software developer who has mostly throughout his career focused on financial applications and high frequency trading. He currently works for CenturyLink

Nazayh Zanidean is a Project Coordinator for a mid-sized construction contractor in Calgary, Alberta. He enjoys writing as a hobby on topics that include foreign policy, international human rights, security and systemic media bias.

UPDATE-1: Debt fuelled economy unsustainable? Gee, what a surprise

So, can we finally drop the act? Debt-fuelled economy unsustainable, Carney says.

Canada's relatively healthy economy has been largely based on borrowed money but the situation cannot go on indefinitely, Bank of Canada governor Mark Carney warned Thursday.

Relative to the circus currently going on in the EU, or the $15T and counting debt in the U.S., maybe. But let me ask you something, if to pay your rent you have to continuously borrow money, would you consider your personal finances "healthy"? They may be relatively healthy when compared to the homeless but then again it is this "relatively healthy" path which often leads to homelessness.

If you've been reading my blog this admittance by Carney shouldn't surprise you. Yet at the same time Carney has the audacity to make statements such as this:

ON QUANTITATIVE EASING:

"I would say that the evidence from the U.S., the evidence from the U.K., to some extent from Switzerland where they've done in it in a slightly different way but the same concept, has been that these policies are effective. They do provide additional stimulus. Calibration is always an issue and in the fullness of time one always has to look at exit issues as well. But they are effective."

So which is it Carney? Does more debt work? Or is that just a way for you central bankers and corrupt politicians to kick the can down the road for another week while you invent whatever new Operation Twist is coming up next? That right there should tell you everything you really need to know about the global confidence economy, that we are hoping something called "Operation Twist" will fix it.

ON AN EU BANKING UNION:

"I think that in order to have, and I'm not alone in this, it is a view that would be shared by most of if not all of the principals in Europe, by which I mean heads of state and central bankers, that to have a durable monetary union it does require first a banking union, which is what's being discussed right now. That's necessary."

Heads of State and Central Bankers - the only important people left in the world if we were to believe this bunch. I don't, do you?

This announcement is coming at the same time Flaherty (for the fourth time in recent memory) plans to "tighten" Canada's mortgage rules again. Tighten is one of my favourite words as I have explained before. But what's even better? Well Flaherty is "tightening" the rules (again, for a fourth time) "to avert a bubble". Yes, that's right, now that we are at the top of the bubble and credit and debt problems are appearing Flaherty thinks somehow we can avert the bubble we are already in and have been for years by making token changes to mortgage rules. Interest Rates? Well we can't raise those, I mean Canada's debt based economy is "relatively healthy", but not that healthy!

It should be plain as day for even the staunch partisan supporters of the conservative party that "Canada's stable banking system" was a complete sham. Again, this is also nothing new and if you read my blog you shouldn't be surprised at this revelation.

If Canada's economy is "relatively healthy", it's the sort of healthy that keeps Mr. Burns alive. So many cancers, so many frauds, so many scams, all working together in balance to create the appearance of stability. However, address one problem and the rest comes crashing down. If we raise interest rates we lose trade with U.S. and if we don't debt will continue to grow because it will be cheap, we're not suffering from any form of Dutch Disease, what you see before you is a Mr. Burns disease, the Mr. Burns economy.

The "economically superior" conservatives have a lot of explaining to do, but in classic Mr. Burns fashion there only response so far has been "release the hounds".

Update-1

On the heels of these announcements comes this:

According to a Bloomberg report citing two unnamed sources with knowledge of the plans, the ratings agency will downgrade a slew of major international banks including UBS, Credit Suisse, Morgan Stanley, HSBC, Goldman Sachs, Citigroup and the largest Canadian bank, the Royal Bank of Canada.

 Where as years ago Canada was telling the world to model our banking system, it looks like instead we've decided to model theres. Of course, I am being sarcastic, our banking system was always exactly the same as theirs, the difference which provided an illusion of financial stability was that we are a net-exporter while currently troubled countries are net-importers.

As credit drys up for the importers and less imports are purchased the full effect of the "global downturn" will begin being felt here at home as our domestic economy comes nowhere close to the productivity that would be required to counter-act the loss in exports. This effect is already in full force.

The strength in manufacturing defies conventional thinking about Canada’s economy: at a time when factory owners are being told the future lies in spreading their goods throughout emerging markets, factories are getting a boost from sales at home.

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Richard Fantin is a self-taught software developer who has mostly throughout his career focused on financial applications and high frequency trading. He currently works for CenturyLink

Nazayh Zanidean is a Project Coordinator for a mid-sized construction contractor in Calgary, Alberta. He enjoys writing as a hobby on topics that include foreign policy, international human rights, security and systemic media bias.

One big idea: Banking Oversight? Please.

Emerging from their resort world leaders have come up with one idea that just might work. Banking Oversight. No seriously, this is what they are spending money coming up with. Click the link, see for yourself. Of course their brand of banking oversight is new. It's nothing like the banking oversight already in place which was never enforced, no no.. this is all new. Unified banking oversight, genius!

This article is filled with luscious quotes, so lets begin:

European leaders are considering a makeover of their banking sector that would prevent struggling financial institutions from causing more problems for their debt-burdened governments.

You're going to hold them accountable?

At the conclusion of G20 meetings in Los Cabos, Mexico, Tuesday, European leaders said they were entertaining the idea of a common bank supervisor, which would provide guarantees for bank depositors and oversee the wind-up of troubled banks across the region.

A "common bank supervisor", great.

The goal would be to shield already debt-riddled governments, such as Greece, Spain and Italy, from potential bailouts needed in their banking sector. Such changes are needed to end the “feedback loop” caused when struggling banks turn to their governments for help, requiring more debt to stabilize the lender and prevent a run on the bank.

Here we go, another ingenious plan to avoid any accountability what-so-ever and set the stage for future fraud at the same time. The proposal is that European nations give up what little sovereignty they have left over their banking sector in favour and trust of a centralised banking authority to deal with the banks. Notice the language here, "shield them from bailouts" and "provide guarantees for bank depositors". Why does a government need to be shielded? Well because they currently provide guarantees for bank depositors. Hmm.

So if the European nations don't have the funds to bailout their banks, where would the European bank supervisor get the funds from? Hint: It probably won't be out of the banker's pockets.

Now, here is a real double-think brain twister: "Such changes are needed to end the “feedback loop” caused when struggling banks turn to their governments for help, requiring more debt to stabilize the lender and prevent a run on the bank". Of course, they are "struggling banks" not fraudulent or bankrupt banks. That's not an option. The bailouts are absolute, the "solutions" they're trying to find are new ways to perpetuate bailouts, new ways to continue the global ponzi scheme economy. They really only have one idea, print money. What changes is what they should call it. What P.R. is necessary now to convince the public that more money printing is actually a good thing? What P.R. is needed to have people "restore their confidence" in the market? They are of course desperate to prevent a bank run, not to protect you, but to protect themselves.

Greek withdrawals soar as poll nears

That's a lot to cover, so let's summarise before we move on. The G20 leaders believe it's a good idea for European nations to surrender their sovereignty in the banking sector and any remaining control their governments have over banking bailouts to a centralized "supervisor" body. This is a good idea because the governments that these people currently operate in have been drowned in debt at the behest and promotion of these same leaders. This new supervisor body will somehow get the funds to "provide guarantees for bank depositors".

Some in the G20 don't agree though, they think they have a better way to continue avoiding accountability.

The pledges come as the G20 tries to push ahead with new capital reforms designed to stabilize the industry that may be delayed by ongoing problems in Europe.

After talk in recent weeks that leaders might press for an easing of global banking reforms, given the problems in the euro zone, the global Financial Stability Board stated clearly Tuesday that it was pressing ahead.

The new rules, which require the world’s banks to carry more capital on their books that can be easily liquidated in the event of a crisis, will not be watered down or delayed, Mark Carney, the Governor of the Bank of Canada and the head of the FSB, said in a letter Tuesday.

There had been speculation that capital rules would be delayed or eased to give struggling European banks more time to shore up their operations. Mr. Carney said delaying the new banking rules, which are not designed to be onerous, would do more harm to economic recovery than they would help the situation.

“Credit growth has resumed in those countries where financial institutions have decisively strengthened their balance sheets. Banks that have raised capital are reaping the benefits of greater access to and lower costs of market funding,” he said.

“In contrast, inadequately capitalized financial institutions are contributing to increased funding costs for sovereigns and diverting scarce resources from measures to increase jobs and growth,” Mr. Carney said.While a European financial and banking union is widely viewed as a way out of Europe’s unrelenting debt crisis, it remains unclear as to when it would become a reality – if ever.

This is a really long winded and fancy way of saying "recapitalize the banks, banks that have tried this are doing better than those that haven't". Capitalization is a fancy way to say "actually have the money to back up what you have lent out". Amazing, why hasn't anyone thought of this yet?

The question really is, why are all of these banks not already "capitalized"? Well this comes back around to the lack of growth largely attributed to peak oil, the holes in balance sheets showing up as a result, the bailouts used to plug them which result in an exponentially growing debt obligation for the countries stuck in this sick game of global roulette. The "supervisor" which will somehow be able to back the bad loans made by banks will probably be getting the funds directly from the European people.

Low interest rates, extremely low capital reserve requirements, fiat currency, and compound interest have set the stage for this disaster. Riskier and riskier banking practices have been used to counter an equally exponential rise in oil price (energy price). At the cost of the future and diverting scarce resources from precious energy investment I might add.

The funds have to come from somewhere and if the "goal" as it were is to remove the burden from the governments but maintain the bailout obligation to the fraudulent banks then a banking supervisor is a way to remove the governmental middle man and have the people pay the banks directly. Remember, they really really want these no good citizens to "pay their tax". This is not a "tax" to provide them with services but rather to pay for the debts incurred by the banks which were not properly "capitalized" in the first place to the even larger international banks which run in the same circles as the other banks which "started" this crisis in the first place.

It all comes back to the same banks, the same people, and these are the people in control. their solution? Give them more control as they just didn't have enough control to prevent the problems. Existing laws, accountability? That's long gone. There are two types of solutions, those the people would like to see, and those the likes of the G20 are willing to implement to save their own skin. Whatever solution they do come up with, in the end you can certainly bet that it's coming out of your pocket book, one way or another.

Everyone wants banking oversight, but this certainly is not it. It doesn't matter what they want to call it, it's more bailouts without the ability of say the pesky Greek elections to interfere with the Greek's "paying their tax".

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Click here to recommend this post on progressivebloggers.ca and help other people find this information.

Richard Fantin is a self-taught software developer who has mostly throughout his career focused on financial applications and high frequency trading. He currently works for CenturyLink

Nazayh Zanidean is a Project Coordinator for a mid-sized construction contractor in Calgary, Alberta. He enjoys writing as a hobby on topics that include foreign policy, international human rights, security and systemic media bias.

UPDATE-2: Expensive resorts and lavish dinners, austerity is in the air

The G20 leaders continue to excel at making a credible case for austerity. Hunkered down in a Mexican luxury resort the reality of the world most people live in is no where to be found near them. Between lavish meals economic talk erupts, lots of talk which these leaders insist will one day translate in to a plan to actually address the world problems. Of course this plan will be served up right after dinner.

U.S. President Barack Obama will discuss the euro zone crisis and the state of the global economy with European leaders after the G20 dinner in Los Cabos on Monday, a White House official said.

"It's a good opportunity to continue a dialogue between the United States and Europe on the situation in the euro zone and the global economy broadly," Deputy National Security Adviser Ben Rhodes told reporters on the sidelines of the summit.

Lael Brainard, the U.S. Treasury Department's undersecretary for international affairs, said she expected European leaders to provide clear direction on the debt crisis at the G20, adding it was good to see Greek resolve following that country's election.

It's a good opportunity these "leaders" say. I bet it is, and they have plenty of good opportunities. Since the debt crisis began there have been 2 G20 summits per year, every year. Each summit costs millions of dollars or in the case of Canada more than a billion. That's just the G20. There are also the European summits, the G8 summits, the Bilderberg meeting, etc. Summit after summit after summit, all great opportunities to continue dialogue, and fill their faces with top-notch food at the same time.

Looking for details on what's actually discussed? Well don't bother, that's really best left up to your imagination as the reporting from these closed door meetings is sketchy at best. You see, reporters can not report what's actually discussed, they can only report what's reported by the G20 as being discussed. These usually consist of vague terms such as "developing a plan", "talks of progress", "trade agreements" (of which the details are never made available - just try and figure out the details of the still secretive SPP) and the like. You, the peasant, doesn't need to know the details of these meetings, the material is obviously far too important for you and couldn't possibly have an impact on democracy and the citizenry making informed decisions.

What's truly amazing though is, after all of these "opportunities to continue dialogue" where exactly is the world today? Are we better off than 4 years ago? 2 years ago the debate in Greece was about economic growth, now it's about whether they can even keep a government together. Europe has continued to escalate, now with Spain in the danger zone spotlight. Where exactly is the return on investment in these meetings? World citizens have spent countless billions servicing the political royalty so that they feel they can have an opportunity to talk and what has the result been? What has been accomplished other than yet another photo op?

The media continues to vaguely report on these meetings of anti-democratic global governance as if the world couldn't get by without them. It's almost as if in the world of world leaders, the telephone hasn't been invented yet. For a group of people bent on austerity their brand of personal austerity is certainly interesting and an excellent example of excess to fuel the fires ravaging in their streets.

Update-1: Decoding the G20 koolaid

Analysts See Possible G-20 Summit Breakthrough on Debt Crisis

Yes, that's right they see a "possible breakthrough". Let's dig in to the lack of detail provided.

Non-governmental organizations have expressed concern that the leaders are too caught up in the debt problems of several European nations to have much discussion of issues that are vital to the poorer nations of the world. 

The primary foreign economic principle of the G20 nations is to exploit the poorer nations to externalize costs and aid the illusion of economic growth. You can bet the importance of poorer nations is top of mind for G20 leaders, just not the issues that the "IMF recipe" creates. It is the G20 leaders, oligarchs, and technocrats which primarily benefit from the high priced loans the IMF provides and the "recipe" that has to be implemented to receive them.

There have been few protests near the summit site, partly because most of the coastal area remains heavily guarded and off limits to anyone not authorized to be here.
Jyotsna Mohan is one of them. “They don't hear us, they don't listen to us," she said.

These leaders don't want the citizens anywhere near them, they don't want to hear your complaints, they don't care about your protests. This is the essence of the true state of western "democracy". The fact that the high security cost could actually be used to help pay down these ridiculous debts is irrelevant.

Krystel Monpetit, analyzes compliance by world leaders with their summit commitments for the Toronto-based G20 Research Group. She says the world economy will stall unless the European crisis is resolved.

“This is where you see the ripple of how this global economy is intertwined and the huge ripple that the European crisis is having on the rest of the world," she said.

She says the European Union's trade partners, like India, will have little growth until the debt problem is resolved and she thinks that, unlike other recent meetings, this one will produce something. “There could finally be a breakthrough, a significant measure that actually brings the European Union on the right pathway," she said.

This right here is a great example of the double-think non-sense you're expected to believe. The idea that global growth is being held back by the European debt crisis ignores the fact that the debt crisis wouldn't be a crisis if global growth was capable of paying off the debt in the first place. The debt crisis isn't holding back global growth, the failure of global growth has resulted in the debt crisis.

She says direct recapitalizing of private European banks is likely to be one of the measures approved at this G20 summit.

Now, there's a plan surely worthy of a summit. Unlike the bank recapitalisations we hear about every other week, this one will be really really good.

Such ideas have support from the international business leaders who met nearby at the B20 conference. Former governor of the Bank of Mexico Guillermo Ortiz, who has led a group focused on financial sector reform, stressed the need for more widespread access to credit. “In the world there are around two-and-a-half billion people who have no access to financial services," he said.

Now we're getting in to the meat of how these meetings really operate. The G20 gets all of the media photo-ops, but accompanying every G20 meeting is a B20 meeting. Completely isolated from public view. These group of business leaders propose and approve everything the G20 talks about. Want to know why your issues aren't being addressed? Because the B20's issues are being addressed. The fascist nature of this scam is evident and obvious, but never mentioned.

G20 leaders will reveal their plan for Europe's debt crisis and announce decisions on other issues when they wrap up their summit Tuesday and say farewell to the beachfront hotels of Los Cabos.

Soon the political royalty will reveal their multi-million dollar plan. Gee, I can't wait.

Update-2

It just keeps getting more ridiculous.

Mr Osborne cautioned against the belief that a full solution to the eurozone crisis would be reached at this week's summit.

But he indicated that he expects steps to be announced either after a meeting of eurozone leaders in Rome at the end of this week or at the full European Council in Brussels next week.

So they're really close to a breakthrough. Don't expect one at this multi-million dollar summit, but at some future meeting or summit this breakthrough will be realized. $100 says in a year they will be claiming the same thing.

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Click here to recommend this post on progressivebloggers.ca and help other people find this information.

Richard Fantin is a self-taught software developer who has mostly throughout his career focused on financial applications and high frequency trading. He currently works for CenturyLink

Nazayh Zanidean is a Project Coordinator for a mid-sized construction contractor in Calgary, Alberta. He enjoys writing as a hobby on topics that include foreign policy, international human rights, security and systemic media bias.

So is "Ethical Oil" still ethical?

We've gotten several damning analysis of our real stance on human rights in the last few years. The list grows today with Canada being added to the Human Rights Watch List.

Canada will be put in the company of some of the world’s worst abusers of human rights tomorrow when the UN’s highest human rights official expresses “alarm” over Quebec’s new law on demonstrations during her opening address to a meeting of the 47-nation UN Human Rights Council, revealed the Geneva-based monitoring group UN Watch, which obtained an advance copy of her speech. Other states on the UN watch list include Syria, Pakistan and Zimbabwe.

Of course we disagree. But then again, we never agree. It's the same tired argument that everyone else that's unethical is just so much less ethical than us that we are the shining example of all that is good and free in the world. Hell, our brand name is Ethical, isn't it, Canada?

Torture? Well that's war. Working with Al-Qaeda? Necessary. G20? Exceptional circumstances. Quebec's law? Perfectly fine. What's really wrong is the unfair and exceptional podium the U.N. holds us up on, it isn't really relevant that when scrutinised we don't meet the standards we advertise. What's important is that the U.N. is scrutinising us, while instead they should be re-scrutinising the countries they already do. We're fucking Canada for God's sake.

Concerned citizens? Fuck them, radicals. NGOs? Fuck them too, fraudsters. There is clearly nothing wrong with this country and anyone who says otherwise doesn't have enough money to live here or must obviously be a "terrorist" or should at the very least be considered at the same time as terrorism.

The world really needs to stop criticising us, it's screwing with our marketing campaign. There isn't anywhere in the world more tolerant than Canada and our marketing campaign spokesman is a shining example of that fact.

Oh... Canada... :(

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Richard Fantin is a self-taught software developer who has mostly throughout his career focused on financial applications and high frequency trading. He currently works for CenturyLink

Nazayh Zanidean is a Project Coordinator for a mid-sized construction contractor in Calgary, Alberta. He enjoys writing as a hobby on topics that include foreign policy, international human rights, security and systemic media bias.

Contrarian optimism and the omnibus ballet

The Canadian economy, 'the envy of the world'. Remember that? Of course that in itself was a complete lie more of which is revealed all the time. But who needs memory when you have what passes for politics? For it is only in the world of politics that a government can tout the extreme awesomeness of the Canadian economy, and then claim it needs to be completely rewritten for "jobs, growth and prosperity" to occur.

The effort put in to the large scope of changes in this omnibus bill seems to be significantly more than the effort put in to researching the fantasy growth and risk outlook contained within budget 2012 that this bill claims to be mitigating against. Again today, the Bank of Canada is re-issuing warnings about Canada's economic outlook, far more serious than those described in the budget proposed.

Canadians shouldn't be asking if this bill is democratic, or even needed. Canadians should be asking if it accurately addresses the current situation at all. In the last few months we've gone from gas prices on the frontpage of every newspaper, to pending interest-rate hikes, to a spreading eurozone contagion. Supposed credible economic think-tanks such as the OECD are all over the place in their incorrect forecasts.

Just three weeks ago, the Organization for Economic Cooperation and Development predicted the Canadian central bank would hike rates in each quarter from this autumn through 2013 in quarter-percentage-point increments to cool the housing market, taking the benchmark overnight rate to 2.25% by the end of next year.

Fast forward to today, and a senior official with the Paris-based think tank says the probability of that happening has lessened and there are downside risks to growth forecasts. Blame it on the European crisis, coupled with lackluster U.S. data and more signs of a slowdown in key emerging markets. 

Yes, "just 3 weeks ago". What does this tell you about the credibility of "experts"? One of the most respected economic think-tanks has just done a complete 180 degree about-face on their forecast. Alternatively, you can view one of my forecasts from about 5 weeks ago here. It's amazing how accurate you can be when your goal is to be accurate and not push confidence. The OECD is now talking up 'Dutch Disease'. Who cares? They've just shown you that they couldn't forecast themselves out of a box. When they start talking about the trillions in cheap stimulus and the effect that has on currency valuations then maybe I'll start listening to them, until then they are grasping at straws.

Voting marathon a mistake

The opposition parties are right now in a form of protest are proposing over 800 ammendments broken down into 159 votes. This approach may be flashy and attention grabbing but after the flurry of short-term memory rage nothing substantial will be accomplished. This tactic is in itself self-defeating. I understand the point is to publicize the changes being passed but many people are simply seeing this as a futile excercise, one which is wasting a lot of money to boot. It lends nothing to the credibility of the opposition trying to work with the conservatives. This is not to say I believe the conservatives would work with and entertain opposition ammendments, but the sheer amount being proposed ensures they won't and also ensures that this tactic is seen as a protest, as an attempt to interrupt the proceedings instead of augment them.

A better tactic would have been to introduce a smaller number of serious and well thought-out ammendments, ones which if rejected would squarely show a lack of concern or cooperation on the part of the conservatives. I strongly suspect that the conservatives would not cooperate and the end result would be that the conservative party is cast in a light such that their omnibus bill may be viewed as being ideology driven instead of needs driven.

The conservatives are playing an angle with this omnibus bill that it is needed for their economic action plan. Since their action plan is simply a PR campaign designed to hide the fact that our economy operates on the same fundamentals as all of the other G20 economies and their outlooks, forecasts, and risk assesments have all been proven to be false or understate the problem, countering this angle shouldn't be difficult. This bill is clearly ideologically driven with all ammendments being voted down. Some poeple are saying this is democracy in action, no it isn't; this isn't serious democracy. There is no exchange of ideas or healthy debate here, only a hyper-partisan voting war where as always party-line trumps everything else. This is a show being put on for partisan chest thumping, an omnibus ballet.

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Richard Fantin is a self-taught software developer who has mostly throughout his career focused on financial applications and high frequency trading. He currently works for CenturyLink

Nazayh Zanidean is a Project Coordinator for a mid-sized construction contractor in Calgary, Alberta. He enjoys writing as a hobby on topics that include foreign policy, international human rights, security and systemic media bias.

Modern capitalists hate capitalism

You can sum up any current financial news in to a few categories. You'll either find yourself reading about:

1. A solution proposed by those responsible for the problem that when tried didn't work.
2. An expensive summit or meeting attended by those responsible for the problem to discuss a solution which won't work.
3. A meaningless monetary policy implemented by those responsible for the problem which fuels hope.
4. A meaningless monetary policy implemented by those responsible for the problem that drives disappointment.
5. And finally... A notice to the peasants who were not responsible for the problem that they are going to have to sacrifice to fix it.

In fact you can actually sum up the above 5 categories in to one completely meaningless statement put out today by Stephen Harper:

"As I told the president, they're not going to have growth in Europe unless they establish some confidence in markets. And it's going to be very difficult to establish confidence without a plan to address some of these issues and some of these structural issues."

Without having any understanding what-so-ever about the system, economics, or the current problems this statement tells you everything you need to know about modern economics today. It tells you everything you need to know about the sort of policies you can expect to see going forward (or backward?).

'Confidence', it's the key word. Its the word all of our money is banked on. Instead of looking at the fundamentals of what is affordable, the current state of supply and demand, and most importantly the current state and value of global economic risk we instead are concerned about market confidence as if market confidence and market performance are somehow not the same thing.

The market today was disappointed because Bernanke has again flip flopped and is now back on the "no stimulus" side of the fence. Don't worry though, market, he'll be promoting stimulus again soon enough. Of course no amount of central bank annoucements can change the fundamentals we are dealing with today, those confident today will be fearful tomorrow.

Take for instance, gas and oil prices. Remember, it was just a month ago in which oil and gas were making headlines world-wide. There was a large upward pressure on them because "economies were recovering" and "there was growth". At the same time you'll remember, analysts everywhere were declaring that the high gas prices were having no effect on growth. These analysts were declaring that consumers could definitely afford to keep paying for oil and gas. It should be no surprise to you that shortly after the price of gas started eating in to consumer's wallets that consumer growth practically stopped. Call this a coincidence if you want, I call it peak oil.

The price of oil always reacts to growth projections due to the nature of futures contracts, and it is this dynamic between oil price, growth, and the economy which a lot of people in peak oil denial don't understand.

Right now, world-wide, there are two camps arguing. It doesn't matter which country you look at, it is these two camps and only these two camps and they are both wrong. In camp A you have the austerity folks and in camp B you'll find the "pro-growth policy" folks. "Pro-growth policy" is a fancy term for money printing.

Camp A is wrong because it is a scam austerity, not an honest austerity. It's an austerity which will "lead to growth", or so they would have you believe. In a sense, yes however, if you completely destroy an economy then eventually the only direction it will have left to go is up. The end result though of an economy that undergoes let's say a "controlled demolition" is horrible and those proposing this brand of austerity are not being honest about the result they are trying to achieve and also happen to never be included in the austerity measures. This is akin to royalty, not capitalism. They don't want to lose. The people on top are the same people who made the bad bets and their brand of austerity has only one purpose and that is to keep them on top and let the citizenry "eat cake". Honest austerity would see the likes of the technocrats, Merkel, Bernanke, Corzine, etc turfed by the citizens A.S.AP. Hard times would still be had but everyone would have a fair chance to deal with them.

Camp B is wrong because more money printing doesn't solve anything. I hate to break this to you leftists, but currency unto itself has no value. It has no instrinsic value. I often hear this being said about gold, you're wrong. It's intrinsic value is the energy in the process to aquire gold and the demand. All printing more currency will do of course is devalue existing currency. Additional credit does not make things more affordable. It is the nature of this problem which tells you why interest rates are being held at record lows, because real production, real growth, isn't increasing, isn't growing. The only tool a central bank has to keep things affordable during currency devaluation is to make lending cheaper but we've reached the end of that game as you can not have a negative interest rate. There is a reluctance to provide more stimulus among "over-stimulated" nations because they can not lower interest rates further to offset the devaluation (commonly mistaken for inflation). The inflation does not disappear however, instead what you see is the currency in your bank account literally devalue and this turns into what's known as hyper-inflation.

A common mistake when people think about hyper-inflation is to think it's closely related to inflation. I see a lot of "hyper-inflation vs. deflation" arguments when in reality hyper-inflation and deflation are two sides of the same coin.

Hyper-inflation is the result of capitalists that hate capitalism. I should note that although they hate capitalism they love profit. They love the upside of capitalism, but as any real capitalist knows "more risk, more reward". It is the risk portion of capitalism that these capitalism haters despise for if they accepted the risk they probably wouldn't be in a position to be making the stupid decisions for us that they are now.

When people look at the subprime mortgage collapse and those affected, I've seen a lot of people say "well it's also the fault of the people for taking the mortgages in the first place". Yes, no one is arguing that, the problem is look where all of the risk ended up, and look where the reward ended up. All of the risk landed on those people and the banks? All reward. That's the problem in the subprime mortgage scandal, that's why it's a scandal. That's why our economies are still reeling to this day, the capitalist haters don't want to let capitalism play it's part. These banks and the governments who support them should fail. Yes, it'll be painful. Yes, some people are going to be very poor. I have got news for you, a fuck ton of people are already hurting and are already poor. You're too late.

There are a lot of people still living the good life (I'm one of them), and many of those people still believe this problem is developing and that it can be avoided. It's already here. It's on your streets and in your neighborhoods. People are starving all over the place and yet those who are not living the crisis are afraid of what a correction might bring? Stop being afraid and look this problem in the eyes, it's not going away.

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Richard Fantin is a self-taught software developer who has mostly throughout his career focused on financial applications and high frequency trading. He currently works for CenturyLink

Nazayh Zanidean is a Project Coordinator for a mid-sized construction contractor in Calgary, Alberta. He enjoys writing as a hobby on topics that include foreign policy, international human rights, security and systemic media bias.

GM jobs to be sent abroad to... the United States?

GM cuts confirm factory jobs gone for good. In the 21st century, they’re giving way to service jobs at places like Telus.

While the United States unravels it's debt death spiral, the imbalance between their economy and our economy will become much more noticeable. The U.S. has had several years now of real economic stagnation and the citizens have had to deleverage a significant amount. The result?

GM is moving production to Tennessee, where the average wage will be $14 per hour compared with $32 per hour in Oshawa. As much as some commentators want to label Dutch disease due to resource production as the cause, even if the dollar were at US80¢, a 20% decrease, the wage bill in Canadian would still be the equivalent of nearly $26 per hour before benefits, surely not low enough to stave off the job losses.

Turning back to wages, $14 per hour doesn’t sound like a lot. However, the median home price in Tennessee is now $145,000 (in the Oshawa-Durham region, it’s closer to $280,000) and non-transport energy costs are at historic lows. The cumulative effects of the Great Recession have ensured that it costs less to live in many parts of the U.S. than it used to.

 All of it makes sense except the last portion. It is not the cumulative effects of the 'great recession' which leads to lower wages and lower housing values, it was the cumulative effect of bursting bubbles which sets the stage for lower wages due to lower housing costs which has resulted in the 'great recession'. We talk about recessions like we do about weather, as if it was inevitable and an act of God. It wasn't, it was an act of us, not identifying dangerous over-leveraged bubbles. In Canada now, we are repeating this recent history.

If you were questioning it now, you shouldn't be any longer. Canada has a serious housing bubble on it's hands. It makes absolutely no sense that our prices and wages would be double that of the U.S. if manufacturing is moving there. The fact our housing bubble didn't collapse in 2008 along with the rest of the worlds has been touted as a good thing, yet now all we will discover is that our scale of value is not on the same levels as the rest of the world. We need the higher wages to pay for our higher housing costs and inflated prices which should have (but didn't) collapsed.

The service jobs these departing companies are "giving way" to were always here, and are becoming all that's left. Service jobs must serve somebody, they must serve somebody with wealth. You can not have a population servicing each other all around. Somebody must be providing the wealth to be serviced in the first place.

Conclusion

Just as the U.S. (and us) were bleeding jobs to the third world due to the lower wages there, the 'new third world' in the U.S. (and temporary foreign workers) will cause many of our high paying jobs here to bleed back down there. This has nothing to do with dutch disease, instead it is a direct and obvious result of the massively inflated bubbles sitting in economies world-wide. There is a very large imbalance between those economies that are already well into the global deflation and those (such as Canada) which believed they had avoided it through accounting tricks.

It is this imbalance which provides the context for Mark Carney's interest rate dilemma. It really is a catch-22 for us. Raising interest rates while that act in itself wouldn't be fatal to the housing market and would relieve upward pressure, would be fatal to trade with the U.S. and that would then come back around to damage incomes and then of course mortgage payments get missed, and the housing problem becomes front and center. If we leave interest rates low, we further inflate our housing bubble and the more it inflates the harder the crash is going to be when it comes. I still maintain that Canada is banking on the BRIC nations for trade should an interest rate rise happen.

Somehow we've gotten it in our heads that property and real estate not only is a storage for wealth, but somehow generates wealth. It's similar to the idea that somehow trading electronic signals generates wealth, it doesn't. All this does is create speculative bubbles, it's gambling and sooner or later free market forces will normalize the values of these bubbled assets and those left holding the bag pay the cost. Real wealth has to come from real production and if there is no production to account for the increase in wealth you can surely bet you're in bubble territory.

We should be taking note when manufacturing in the U.S. is offering half the wages we are that our economy is completely over-valued and this is a recipe for economic disaster.

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Richard Fantin is a self-taught software developer who has mostly throughout his career focused on financial applications and high frequency trading. He currently works for CenturyLink

Nazayh Zanidean is a Project Coordinator for a mid-sized construction contractor in Calgary, Alberta. He enjoys writing as a hobby on topics that include foreign policy, international human rights, security and systemic media bias.

No-gasm: Global economic foreplay isn't working

Anyone with proper insight in to the global situation has known more Canadian stimulus would be here sooner or later. At the moment it would appear sooner is winning. Coincidentally I don't remember stimulus in the budget, in fact the whole budget was supposed to be about post-stimulus Canada. Jobs & Growth and all that jazz, remember? Amazing how much can change in a period of a few months when the goal of confidence is pursued.

All of the risks Canada is facing and Flaherty/Carney have been talking about now have been known far in advance, yet for the last 2 years all we have heard from these leaders is these risks don't apply to us, that we weathered the global economic storm, etc. It should be clear this was a lie, if it wasn't then they are completely incompetent at their jobs and their credibility should be completely shot. For me their credibility is shot, I know they know what's actually happening, and occasionally in their own cryptic way they actually do say the truth but beyond that it's all confidence and rumour pushing.

I'll put it simply here Canada, if we are put in a situation where stimulus is nessecary, that means the beginning of the end game is here for us. Why? Well, why would we need stimulus? Consider the trillions in global credit produced just in the last 4 years, and then consider the nature of our economy; it's export based.

Stimulus can only mean one thing now that we are in a supposed recovery, that we have lost a number of customer's to export to (due to their current economic state). Stimulus isn't a solution to this problem, this won't be resolved in a year and is just the start of a very long term problem. Stimulus might make up the shortfall, but unless Canada re-focuses on domestic production and consumption to fill in the gap we will need a lot of stimulus on an annual basis (good bye deficit cutting).

Of course there is an alternative which I believe may still be in the cards, which is to allow Canada's dollar to appreciate against the USD. It is the stimulus between us and the U.S. which would drive inflation. Decoupling from the USD would be as simple a matter as allowing interest rates to rise to normal levels.

Stimulus won't work, and people should really be questioning these supposed "experts" on their proposals. Trillions have been pumped in to the global economy and the return on investment (in terms of growth) has been dismal in comparison. All stimulus does is provide cheap money on the back of the future, it further devalues our currency, and of course those who use the currency first get the highest value from it and the value reduces with each subsequent use. By the time it gets to you it is worth much less than when it was handed to the banks.

With the $700 trillion derivatives bubble, all of the stimulus is really just the economic equivilent of throwing a hogdog down a hallway.

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Richard Fantin is a self-taught software developer who has mostly throughout his career focused on financial applications and high frequency trading. He currently works for CenturyLink

Nazayh Zanidean is a Project Coordinator for a mid-sized construction contractor in Calgary, Alberta. He enjoys writing as a hobby on topics that include foreign policy, international human rights, security and systemic media bias.

In depth Bilderberg investigation for first time ever on British television

Part 1:

Part 2:

Part 3:

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Richard Fantin is a self-taught software developer who has mostly throughout his career focused on financial applications and high frequency trading. He currently works for CenturyLink

Nazayh Zanidean is a Project Coordinator for a mid-sized construction contractor in Calgary, Alberta. He enjoys writing as a hobby on topics that include foreign policy, international human rights, security and systemic media bias.

A belated mission statement

So I've done an introduction on my blog, but I want to also make a mission statement, or rather a policy or promise to you of what I intend to deliver with this blog.

1. There will never be advertisements of any kind on this blog including blog rolls, or icons or what not of supporting websites. Why? Because advertisement pisses me off. I want to write my thoughts, thats it. Read, or do not read, I do not care.
2. All you will get is exactly what I think about current events. I have no affiliations to anything, and I have no personal preference of political parties or anything else.
3. I do not take donations, and I do not intend to be published or make money from what I write in any way.
4. You may repost anything without permission (or rather this here is your permission) and without giving me credit.
5. Comments will not be moderated, modified or deleted. Yes, even if you're a troll.
6. Feedback is encouraged. Agree, disagree, or whatever. Tell me what you want to hear about.
7. I am going to be brutally honest. We're not going to be able to seriously address current trends until we're honest with ourselves about the situation.
8. There will be typos. I'm not a writer, and to be honest I don't want to be a writer but if I don't write about what's going on I go stir crazy.
9. I'm not a journalist. I am writing about current events in the context of future trends.
10. I'm not an economist. Thank god.
11. The news I use within my posts is always within my twitter feed. Thats my dumping ground, and please follow. What I post are what I see as key events, good or bad, in shaping events to come. I also like to point out propaganda, and other random things I find interesting. Sometimes I post a link to a tune to sum up how I feel about the day.
12. All I want is for you to be safe, prepare, and thrive. Because without you, in the future there may not be a me. Community is everything.

Richard

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Richard Fantin is a self-taught software developer who has mostly throughout his career focused on financial applications and high frequency trading. He currently works for CenturyLink

Nazayh Zanidean is a Project Coordinator for a mid-sized construction contractor in Calgary, Alberta. He enjoys writing as a hobby on topics that include foreign policy, international human rights, security and systemic media bias.

Reality Check

Don't worry! A solution is coming I just can't tell you what it is.

Energy and economics have much in common, in fact economics is just a system to organize the exchange of energy in the form of trade. Today however I discovered another commonality between the two: analysts of both are now using "human ingenuity, human importance, human greatness", etc to convince you there's no reason to worry.

This gem crossed my desk today. 'Eurozone crisis: Seven reasons to ignore doomsday predictions'. It includes this amazingly insightful statement:

By this point next year solutions will be in place for a Europe more united and prosperous than ever.

Sound familiar? Is this not the same crap we've been hearing for 4 years now? If you remember, first it was just Greece's finances, and now Greece can't even keep their government together. World-wide job data hardly signals a "recovery" in any shape or form, and any growth which does happen is insignificant compared to the rapid debt expansion occuring.

Further remember that 2008 was just a banking collapse, but the problem today is much more severe. Emergency easing is just standard practice now. It is now entire countries on the verge of default, and yet somehow things are looking up?

Yesterday you'll remember I posted a presentation by a top hedge fund showing a highly likely scenario of not just a Greece default, not just a European collapse, but widespread global defaults from europe, to Japan, to China, to the U.S. Canada wasn't included in the list of countries on the verge of default but just think of what a default of the European, Japanese, Chinese, and United States economies would do to ours. Right now it is not possible to forecast the effect on Canada as this is an unprecedented economic collapse.

So why is this author so sure it won't happen? Well...

1—Europe is the world’s biggest economy, accounting for 20 per cent of global GDP, or $16.2 trillion. It is in no one’s interest, in Europe or elsewhere, for the EU or the eurozone within it to disintegrate. Prosperous Germany, an export-driven economy with a jobless rate lower than Canada’s, sells most of its wares to other EU members. Like Germany, exporters like China, America, Japan and Canada all have an enormous stake in the restored health of the EU.

You can sum up number 1 as "we really don't want it to happen". Well no shit. We didn't want a global recession either. We didn't want Fukushima to blow up. We want global growth to be through the roof right now. Are our interests and stakes in this problem making it go away? No, its only gotten worse. Lesson 1 for the author: what we want doesn't matter - reality dictates events.

2—Among other blessings, the advent of the eurozone in 1999 has boosted job- and wealth-creating trade among its members. It has kept inflation low, eliminated currency exchange risk, and integrated financial markets. That has brought a long-term stability that business craves.
The re-emergence of London as a rival to New York as world’s leading financial centre has been one of the more conspicuous results. Less noted was the common-currency euro made impossible any attempt by Europe to react to the Great Recession with the currency devaluations and protectionism that proved ruinous during the Great Depression.

No, there hasn't been any inflation, devaluations, or anything like that. Well if you discount food and energy, and well.. who needs that shit anyway? Oh, and as long as you discount all of the money printing. Oh and you better forget about those IMF loans too funded by U.S. money printing. Oh, and protectionism? Well no that doesn't happen anymore, the new trend is a staunch faith in globalization. It's really working out well for everyone.

3—In the midst of what Merkel has described as the worst crisis in Europe since the Second World War, Croatians in January voted overwhelmingly to join an EU ostensibly in dire straits. And the geographically strategic Turkey would join in an Ankara minute, if only EU members could overcome their shameful reluctance to admit a first non-Christian member.

Oh the Croatians are into it? Great! How are they doing? 'Moody's Lowers Croatia Outlook To Negative On Uncertain Growth Prospects'. Next.

4— Europe is not in a debt crisis. Its public finances were manageable until the U.S.-originated Great Recession migrated across the Atlantic. The plunge in GDP slashed government revenues needed for debt payments. But recessions end. This one will by 2014, as European leaders de-emphasize the false hope of austerity and instead focus on reviving growth and household incomes. That transition has already begun, in the spring, spurred by grassroots sentiment.

Oh good, this recession will be over by 2014.. because.. because.. we're de-emphasizing false hopes of austerity! So there isn't a debt crisis, the crisis is there isn't enough debt! And geez, focus on growth? Right! Because we haven't tried that yet, now have we?

5— Euro leaders have been ridiculed for meeting constantly with little to show for it. Actually it’s a marvel that 27 heads of state representing scores of cultures have peaceably, relentlessly assembled to experiment with solutions.

Translation: At least we're not at war! It really is amazing that these leaders can continue to wine and dine on their citizens backs and have nothing to show for it. That in itself is something to show, don't you think?

Given the complexity of Europe, the agreed-upon bailouts to date of Ireland, Portugal and Greece have been giant work. A $1-trillion permanent assistance fund has been created. Governments have come and gone in Athens, Madrid, Dublin, Rome and most recently Paris. Yet the rescue work, with its admitted setbacks and frustrations, has continued apace.

Translation: Austerity was a stupid idea, but the fact they implemented it and further destroyed their economies is quite frankly amazing.

6—The calibre of European leadership is outstanding. That is notably – and thankfully – so in the eurozone’s three largest economies.
Merkel has deftly sold her coalition government on far more German taxpayer assistance to Greece and other bailout beneficiaries than Athenian demonstrators acknowledge.
The austerity expedient hasn’t been killed by the recent replacement of Nicolas Sarkozy with François Hollande, as widely reported. France’s Socialist Party leader is far more of a realist than that, though of an agreeably progressive bent.
And Mario Monti, new Italian PM, has drawn up a blueprint for austerity balanced with spurs to economic growth worthy of emulation in the U.S. and elsewhere.
Like Monti, a veteran of EU headquarters in Brussels, Draghi and Christine Lagarde, managing director of the International Monetary Fund (IMF) and a stand-out former French finance minister, have bulging Rolodexes of key players worldwide.

Translation: The leadership is amazing! They've implemented the wrong policies successfully. They've installed technocrats, and as we all know technocrats are good for business. I really like Mario Monti, he knows how to draw up blueprints that lay out ideas I've already admitted don't work. These elites only have other elites in their rolodexes so think of the calls that could be made! Christine Lagarde could call up Mario Monti, tell him to make a blueprint for a plan that won't work, and then implement it all while holding a summit! How do these people do it?

7—Solutions abound. If implemented, they will make Europe even more of an economic powerhouse than before the onset of crisis.

Translation: Solutions, once created, will be really really good. Not like our previous dumb ideas.

So there you have it, those people that think the Eurozone will fail have obviously over-looked these 7 very insightful points and have ignored the solution which doesn't exist. Idiots, they should have faith in how important we think this crap is. It can't fail, it's too big to fail.

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Richard Fantin is a self-taught software developer who has mostly throughout his career focused on financial applications and high frequency trading. He currently works for CenturyLink

Nazayh Zanidean is a Project Coordinator for a mid-sized construction contractor in Calgary, Alberta. He enjoys writing as a hobby on topics that include foreign policy, international human rights, security and systemic media bias.